What is Ethereum Sweepstakes SWEEP?
Ethereum Sweepstakes has the claim of being the world’s first cryptocurrency-based sweepstake. They are claiming to give away 1.5 million Ethereum. They are promising there will be 111,111 prizes given away. And that anyone who plays has a one in thirty-six chance at winning.
The first jackpot is valued at more than 1,400,000,000 USD and they claim there is a 1 in 4 million chance of winning.
How Does Ethereum Sweepstakes Work?
The first jackpot is valued at more than 1,400,000,000 USD and they claim there is a 1 in 4 million chance to win.
There are also 110 prizes being given away that are each $1,000,000 and have a one in thirty-six thousand chance of winning. There are only about 4 million tickets available to play. They claim the system has the best odds of winning of any system in the world:
|Lottery||Odds||Average Jackpots||Guaranteed Winner|
|Ethereum Sweepstakes||1 in 4,000,000||$1,414,069,500||Yes|
|Power Ball (US)||1 in 292,201,338||$328,000,000||No|
|MegaMillions (US)||1 in 258,890,850||$656,000,000||No|
|EuroMillions (US||1 in 139,838,160||$161,000,000||No|
|SuperEnaLotto (Italy)||1 in 622,614,630||$125,700,000||No|
|EuroJackpot||1 in 95,334,200||$63,500,000||No|
|Uk Lotto||1 in 45,057,474||$66,100,000||No|
|Lotto Maxx (CAN)||1 in 28,633,528||$50,000,000||No|
|Lotto 649 (CAN)||1 in 13,983,816||$54,000,000||No|
|Spanish Lotto||1 in 31,625,100||$25,900,000||No|
|Swedish Lotto||1 in 31,625,100||$25,900,000||No|
They claim that because of the blockchain technology, there is 100% transparency. And that it’s all based on Ethereum’s smart contract technology. They claim that no fraud or scam can be done with Ethereum’s blockchain. And that the smart contract ensures the safety of all the contestants. The winner is said to be automatically chosen.
It’s designed to be a fair play for the entire world. And Ethereum cryptocurrency as well as Sweep token entries are the reason apparently that it’s available on the global scale. This is truly a global contest that is based on decentralized technology.
There is a guarantee that a winner will come up an be selected as well. Also, 5% of the proceeds are said to go to the Ethereum Foundation. It’s a non-profit organization that is located in Switzerland registered as the Stiftung foundation. It’s main focus is to promote the Ethereum platform and help with base layer research.
Who is Behind Ethereum Sweepstakes?
This is the main problem here, it’s unclear who is behind the sweepstakes. If it’s Ethereum, it doesn’t say so outright and that makes me suspicious. I think Ethereum would make it very clear, “This is an Ethereum supported sweepstakes.”
But at no spot do they say anything about Ethereum running the show. There are graphics that say Ethereum Blockchain App Platform, but those can be found anywhere. And apparently a lot of other people feel the same way, because the most commonly asked question, “Is this a scam?”
Whatever it is, something doesn’t feel right about it. 1.5 million Ethereum is a lot of cryptocurrency to have available for a sweepstakes. I would advise doing research before investing into the sweepstakes if I were you.
Ethereum Sweepstakes SWEEP ICO Conclusion
Ethereum Sweepstakes is a sweepstakes to win a lot of cryptocurrency, unfortunately there is no information about who is running it and no inclination if Ethereum is actually involved. I would be wary of this sweepstakes and do some more research before joining in.